Ann: Spodumene-Rich Pegmatite Drilled at Andover, page-33

First glance. Looks OK.
Some interesting initial thoughts.
Why SQM take 20% of company for 20m, is a good endorsement.
They have seen more than i can. A couple of drills thin-med intercept.
But, think fertile ground. The first two holes hit something. Thats a good sign of fertility.
So they are backing the fertile ground theory on rest of pegs that accompany good surface sampling. My guess is that they will be onto something, when they get further approvals to drill. So good start.

The cons. Not sure about the nicol. Really cant comment. But the stock is valued at a starting point of 100m mc rightly or wrongly because of the nicol. What capex does it take to make a nicol project, usually very large. Is it going to dilute the registry in that process ? Or is it a lame elephant on the books.
So the issue is, as a lithium explorer, it needs to compete with WR1 that has the Canada charitable flow through funding. (you get 2x $ for 1x scrip in CR) So the lithium exploration, has to then work on how many multiples of 100m mc, can it deliver with success exploration. And only 60% ownership. So if you flip that to 100% its like a valuation of 167m MC. Compare that to WR1 with 100% and then compare the discovery in hand, and what is going to happen to dilution going forward.

Bottom line, is i suspect they are onto something with the exploration side, and will do ok. The question is the gradient of their climb, starting at 167m mc equivalent on 100% basis. (100m mc at 60% ownership) and risk of dilution. But they have good cash now to make a great start. If they were to discover 10mt the rule of thumb is 150m mc per 10mt. So that sort of discover is already priced in, just depends on whether the nicol is seen as a lame elephant, or add with, insomuch as any lithium discovery will./ will not / be valued on top of that 100m starting value.